A Study On The Ownership Structure And Corporate Performance Of Chinese Private Listed Companies

The research of ownership structure and corporate performance relation is a field which is studied more than any other field by western scholars. Because the stock can circulate freely in western countries, although the ownerships of market corporate is different in kind, actually they are the same in inbeing. Because of these facts, most western scholars do their research in the perspective of "the influence of the ownership proportion of interior stockholders on their acts" and "the restrictions put on the managers by the exterior take-over market". The market corporate in China is much different from those in the developed countries of market economy. In China, the influence of interior stockholders and the exterior take-over market on the management mechanism of the market corporate can not be compared with that of the big stockholders.This thesis aims at doing demonstration research work on the ownership structure and corporate performance of civilian corporate which came into market before the year 2001. The result shows that the ownership proportion of the biggest stockholder will have positive effect to the profit but not obvious and have negative effect to the growth but also not obvious. This comes to the result that in China, a scalar relationship between the performance index of the civilian market corporate and its ownership structure can not be built. This thesis tries to explain that the centralization of the civilian corporate stock can promote the company's performance in a certain degree, but at the same time, the moral risk of power abusing of holding stockholders is still a problem. After the interaction of positive and negative effect, the influence of the holding stockholders of civilian market corporate on their company's performance is little, and we can not find out its law in a statistic way.In order to reduce the possibility that big stockholders will infringe company's interest, in the end of this thesis, I will give some advices on "way coming into market", "information exposing" and "exterior supervising".